ADMiT: Your Ticket to Credit

In South Africa, nearly 15 million people are considered "credit-unaware"—individuals who lack formal credit histories, making it nearly impossible to access loans from traditional lenders. Globally, this number swells to an astonishing 3 billion. Without a credit score or transaction history, these individuals often turn to high-cost, unregulated credit options, which can expose them to financial hardship.

Introducing ADMiT: A Pathway to Financial Inclusion

ADMiT is an innovative platform designed to bridge this gap, opening doors to financial inclusion for millions. Instead of traditional credit data, ADMiT incorporates picture-based psychometric assessments to evaluate a person’s willingness to repay loans based on behavioural responses. This groundbreaking approach offers lenders access to an alternative credit score for individuals previously excluded from mainstream financial services.

A Powerful Tool for Lenders of All Sizes

Whether you're a micro-lender, a credit union, or a major financial institution, ADMiT empowers lenders to responsibly grow their client base. By expanding into underserved markets, lenders gain access to a significant, untapped segment of creditworthy individuals. ADMiT equips you with the tools to confidently extend credit to new clients without compromising risk management.

For Consumers, ADMiT is a Lifeline

For consumers, ADMiT opens up access to financial opportunities by enabling those without traditional credit scores—who may be unbanked or new to the credit market—to prove their creditworthiness. ADMiT scores give people a fair chance to enter the financial system and work toward a more secure future.

Enhancing Financial Insight Through 6DOT50 Integration

ADMiT goes even further by integrating with 6DOT50, a voucher-based payments platform, allowing unbanked consumers to build a transactional history that supplements their ADMiT score. This feature offers unbanked consumers a simple, secure way to receive credit, show financial responsibility, expand their financial profile and increase their credit opportunities.

Backed by Experience and Credibility

With over two decades of experience in credit risk management, Principa has designed ADMiT with reliability in mind. The psychometric score boasts a Gini coefficient of 0.32, underscoring its accuracy in predicting default risk. Plus, ADMiT’s adopted psychometric assessment is endorsed by the South African National Credit Regulator (NCR), making it a trusted tool and enabling lenders to reach thin-file and unbanked markets confidently.

Your Opportunity Awaits

For lenders, ADMiT is a unique solution for responsibly growing their client base in previously unreachable segments. For consumers, it unlocks previously untapped financial opportunities.

If you’re ready to take the next step, ADMiT truly is your ticket to credit.

For more information, visit www.admit.credit.

ADMiT: Enabling Financial Inclusion for 15 Million Credit-Unaware South Africans

Cape Town, South Africa – October 21, 2024 - Principa, a leader in decision analytics and credit risk management, is proud to announce the launch of ADMiT, a revolutionary platform expected to transform the financial landscape for millions of credit-unaware and unbanked South Africans. ADMiT leverages advanced psychometric assessments and alternative data to generate credit scores, providing an unprecedented opportunity for individuals who lack traditional credit histories to access much-needed credit. This innovative tool is a game-changer in a market where financial inclusion is critically important.

ADMiT is designed to work in environments with little or no consumer credit or bureau data available, predicting an applicant's willingness to repay loans based on their behavioural responses rather than relying on a consumer’s credit history. This approach opens the door to credit for approximately 15 million South Africans and a staggering 3 billion people worldwide.

"Your ticket to credit" - ADMiT’s mission aligns with Principa's commitment to open doors and transform lives. By providing an alternative credit scoring system, ADMiT helps individuals avoid being forced into accessing high-cost, unregulated credit options while mitigating decisioning risks for lenders.

A Transformative Solution for Lenders and Borrowers

Lenders of all sizes, from micro-lenders to established banks, can now register to access ADMiT and invite their thin-file client databases to register for a free alternative credit score. With this alternate credit score, lenders can reduce the risk of granting credit to thin-file clients, opening up a previously unreachable market segment to lenders. With a Gini coefficient of 0.32, ADMiT's adopted scoring system is a strong predictor of default and demonstrates high efficiency in the unsecured market.

ADMiT is powered by Principa, a firm with a track record of over two decades of helping lenders make better credit risk decisions in over 30 countries. These credentials bring unparalleled credibility to ADMiT, positioning it as a viable alternative to credit bureau data.

Warren Venter, CEO of Principa, expressed his excitement about the launch of ADMiT, "ADMiT is more than just a credit scoring tool; it's a beacon of hope for millions of individuals who have — until now — been excluded from the financial system. By harnessing the power of psychometric assessments, we are enabling people to demonstrate their creditworthiness and access the credit they need to transform their lives. Principa is thrilled to support this groundbreaking innovation, and we believe it will significantly impact financial inclusion in South Africa and globally."

Principa Partners with the World Bank to Enhance Financial Inclusion in Lesotho

Principa has successfully engaged in a pilot initiative in collaboration with the World Bank, aimed at promoting financial inclusion for female entrepreneurs in Lesotho. This project is exploring innovative ways to support women-led businesses, enabling better access to credit.

As a result of this initiative, Principa's adopted psychometric scoring model has gained significant recognition. It has been endorsed by the South African National Credit Regulator (NCR) for inclusion as part of lenders’ evaluative mechanisms or models and procedures to be used in meeting its assessment obligations, particularly for thin-file individuals and the unbanked. This endorsement marks an important step in expanding access to credit for underrepresented population segments. 

Bridging the Gap with 6DOT50

Principa’s partnership with 6DOT50 further strengthens its ADMiT offering by removing significant barriers to entry for consumers without bank accounts. 6DOT50 is a transactional platform that uses vouchers as a store of value and a mode of payment. This innovative alternative to banking offers account holders an easy way to build their digital transactional history and allows lenders to disburse their loan value and receive their instalments.

For more information about ADMiT, visit www.admit.credit or email hello@admit.credit.